Procore Technologies, Inc., a leading construction sector software developer, has announced this week enhancements to its Financial Management portfolio. The latest updates provide accurate data and real-time insights into the financial health of construction projects, while keeping the entire project team connected on a singular secure software platform.
New Procore Tools
New tools provide advanced forecasting to better predict cash flow, improved financial reporting with a robust and flexible Work Breakdown Structure. Additionally, there is the ability to connect Time & Material Tickets to Change Orders and enhanced ERP Connector technology.
“Construction projects’ scope and schedules need to connect to cost management so that teams can accurately predict and track project costs,” said Tooey Courtemanche, Procore CEO. “That’s why Procore is putting financials and cost management at the center of our platform. The benefit of integrated data through the Procore platform is that our financial management tools are seamlessly integrated with the rest of the platform, making tracking and predicting costs more efficient, mitigating risk easier, and making it faster for contractors to get paid.”
Advanced Forecasting is now available to all Procore users globally. The new capabilities enable users to manage financial risk, reduce manual data entry, and streamline reporting with actionable monthly cash flow forecasts. Users can more effectively protect their profits with the new software features by aggregating contract data, change orders, and the current state of project costs.
“With the addition of Procore’s advanced forecasting feature, our project teams can finally move away from offline spreadsheets,” said Carl McFarland, Market Sector Executive, Kitchell Contractors. “This will enable us to enhance our cash flow projections, volume of earned revenue, and profit forecasting by leveraging this new feature in conjunction with Procore Analytics.” Kitchell Contractors is a general contracting company managing commercial builds in healthcare, higher education, hospitality, and more.
Flexible Work Breakdown Structure
The new flexible Work Breakdown Structure gives teams the ability to organize and report on financial data in Procore to the level of detail or customization that a project or the business demands. Users can leverage the power of the Work Breakdown Structure to create custom segments, generate unique data tags on financial line items, and produce robust financial reports. Users have control over their financial data and a new tool for visibility into the overall performance of a project or portfolio.
“Many of our clients today are developing large capital projects, with multiple phases, and various funding sources,” added McFarland. “Procore’s new Work Breakdown Structure will provide the flexibility and transparency that will deliver efficiency to our project managers and financial certainty to our clients. Procore continues to deliver industry-leading enterprise-grade features with its financial management product.”
Connecting T & M Tickets with Change Orders
Through the new integration between Time & Materials (T&M) Tickets and Change Orders, self-perform contractors can flag, manage, and recoup payment for out-of-scope work more efficiently with a seamless workflow to change management. Field users can initiate out-of-scope work opportunities that command attention by looping in the necessary stakeholders to move forward with Field Work Authorization or Extra Work Authorization (FWA/EWA) before or while proceeding with work. Verified tickets outlining labor, equipment, and material units are pulled into a change event, cost codes and markups are added, and a formal change order can be sent out within a matter of minutes.
“Procore has significantly improved our close-out and billing process by providing our field team with the tools necessary to capture all relevant information and backup documents for changes,” said Sussan Jarvis, Project Manager, A-1 Modular Inc. “We are saving days of investigation as we receive legible and instant notification on the status of work completed. Everything is clear, the work is verified, and it is submitted in a timely manner.” A-1 Modular Inc. is a specialty contractor focused on installing and configuring commercial furniture packages offering project management and custom casework to a wide range of clients.
ERP Connector Platform
Users can more easily connect Procore with their ERP systems through the new enhanced ERP Connector Platform. This will allow users to build more connectors to leading ERP systems, bridging the gap between operations and accounting teams with access to real-time financial data. The ERP Connector platform makes building customer integrations faster and simpler as users can create integrations themselves, work with Procore’s professional services team, or utilize one of the dozens of Procore certified consultants available globally.
To learn more about Procore visit here.
I think that one of the major aspects of construction cost management is resource management and scheduling. I read a construction resource scheduling software guide here and it seems like investing in software tools like a resource scheduling software is really becoming a must nowadays for construction companies to become more efficient not only in construction costs but completion time of projects as well through proper resource allocation and scheduling.
I couldn’t agree more with you. Resource management is key to cost management across any similar discipline. I think a key aspect to the use of such tools is scale. Firms need to be large enough to have a person dedicated to the task of managing resources (especially people) across teams, projects and schedules. This is an operations role but for smaller firms this task could be assigned to a VDC (virtual design and construction) role though. Would love to hear your thoughts about firm size and impacts on this role.
Thanks for the thoughtful comment and useful link. Happy Holidays!
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